The Iranian government will increase the price of gasoline by five percent in the coming year. Meanwhile, Parliament has also raised the price of utilities for the new Iranian calendar year, which begins on March 21.

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The administration’s call for an increase in the price of gasoline has been approved by Parliament.

Mehr reports that government spokesman Mohammad Bagher Norbakht said a five-percent increase for oil and petroleum products has been approved by Parliament and will be implemented.

The government had earlier denied the possibility of an increase in the price of gasoline in the New Year.

The fall in global oil prices has made a significant dent in the Iranian administration’s budget.